Nippon, JFE reportedly to cut steel production

JohnLetzing

SAN FRANCISCO (MarketWatch) -- Nippon Steel Corp.
5401, +0.74%NISTF, +2.87%
and JFE Steel Corp.
5411, +0.75%JFEEF, -5.90%
plan to curb domestic crude steel production due to waning exports to China, which accounts for nearly half of global steel demand, according to a report Wednesday. The Nikkei business daily reported that Nippon Steel will cut output by about 5% in the quarter ending in September, while JFE may cut output by between 300,000 and 500,000 tons during the same period.

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